AUD/USD: Capped rebound within broader range – UOB

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note AUD/USD rebounded to 0.6938 instead of drifting lower, but the move lacked momentum. The pair is seen trading between 0.6890 and 0.6940 in the near term and within a wider 0.6835–0.6955 band over one to three weeks. The broader technical picture still points lower, with a break of 0.6850/0.6870 opening 0.6765.

Australian Dollar rebound seen as limited

"The advance did not gather much momentum, and instead of continuing to rise today, AUD is more likely to trade in a range of 0.6890/0.6940."

"AUD is likely to trade in a range of 0.6835/0.6955."

"The overall technical picture points to a lower AUD/USD; a breach of the 0.6850/0.6870 support zone could trigger a decline toward 0.6765."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)